California 2015-2016 Regular Session Status: In Committee

AB 2610 — Securities: qualification: period of effectiveness.

Last action — In committee: Set, first hearing. Hearing canceled at the request of author.

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  1. ✓
    Introduced
  2. 2
    In Committee
  3. 3
    Passed Assembly
  4. 4
    Passed Senate
  5. 5
    To Executive
  6. 6
    Enacted

This bill died with 2015-2016 Regular Session. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.

This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.

Summary

Existing law, the Corporate Securities Law of 1968, requires securities offered or sold in this state in an issuer transaction to be qualified through an application filed with the Commissioner of Business Oversight, unless exempt from the qualification requirements, and generally provides that every qualification under these provisions is effective for 12 months from its effective date. This law makes it a crime for a person to willfully violate any of its provisions. This bill would increase that effective period for a qualification eligible for a Small Corporate Offering Registration, as specified, from 12 months to 36 months, unless an issuer makes a change to its board members, directors, officers, partners, members, or trustees, in which case the qualification would become ineffective. The bill would reinstate effectiveness for the remainder of the 36-months qualification period if the offering is requalified, as specified. By modifying the period and conditions under which an offering is effective, this bill would modify the application of criminal provisions in existing law and thereby impose a state-mandated local program. The California Constitution requires the state to reimburse local agencies and school districts for certain costs mandated by the state. Statutory provisions establish procedures for making that reimbursement. This bill would provide that no reimbursement is required by this act for a specified reason.

Bill Text

Action History

  1. In committee: Set, first hearing. Hearing canceled at the request of author.

  2. Re-referred to Com. on B. & F.

  3. From committee chair, with author's amendments: Amend, and re-refer to Com. on B. & F. Read second time and amended.

  4. Referred to Com. on B. & F.

  5. Read first time.

  6. From printer. May be heard in committee March 22.

  7. Introduced. To print.

Sponsors

  • Brown · Cosponsor
  • Holden · Primary

Sponsorship breakdown

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1 sponsors · 1 co-sponsors · 120 not signed on

Sponsors (1)

  • Holden

Co-sponsors (1)

  • Brown

Not signed on (120)

120 members have not signed on to this bill.

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"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

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Subjects

finance
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Frequently asked questions

What does AB 2610 do?
Existing law, the Corporate Securities Law of 1968, requires securities offered or sold in this state in an issuer transaction to be qualified through an application filed with the Commissioner of Business Oversight, unless exempt from the qualification requirements, and generally provides that every qualification under these provisions is effective for 12 months from its effective date. This law makes it a crime for a person to willfully violate any of its provisions. This bill would increase that effective period for a qualification eligible for a Small Corporate Offering Registration, as specified, from 12 months to 36 months, unless an issuer makes a change to its board members, directors, officers, partners, members, or trustees, in which case the qualification would become ineffective. The bill would reinstate effectiveness for the remainder of the 36-months qualification period if the offering is requalified, as specified. By modifying the period and conditions under which an offering is effective, this bill would modify the application of criminal provisions in existing law and thereby impose a state-mandated local program. The California Constitution requires the state to reimburse local agencies and school districts for certain costs mandated by the state. Statutory provisions establish procedures for making that reimbursement. This bill would provide that no reimbursement is required by this act for a specified reason.
Who sponsors AB 2610?
AB 2610 is sponsored by Brown and Holden.
What is the current status of AB 2610?
This bill died with 2015-2016 Regular Session. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
Where can I track AB 2610?
Track AB 2610 free on One Click Politics — get push/email alerts when it moves.

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